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The service started in 2011, offering passes at $30 per month. The passes are accepted at 90 percent of theaters in the country.

In a statement, CEO Mitch Lowe said the price change “completely disrupts the movie industry in the same way that Netflix and Redbox have done in years past.”

"We are changing the way consumers think about going to the movies by making it possible to experience a broader array of films — from the latest summer blockbuster to a critically acclaimed documentary — through a subscription model," Lowe said.